27.04.2020 BTC Daily Analysis

27.04.2020 BTC Daily Analysis

It seems like everywhere you look – whether it’s Asia, America, Europe, etc. – people are dealing with the circumstances surrounding COVID-19. The virus has done harsh damage to the global economy, resulting in several assets and markets falling by thousands of dollars since early March. However, some analysts believe this won’t be bad for bitcoin in the long run. That the situation is likely to present a positive outcome for the world’s number one cryptocurrency by market cap. Bitcoin is up 2% and it broke the $7,600 resistance area against the US Dollar. However, BTC price is likely to face a strong resistance near $8,000 in the near term. A new weekly high is formed near $7,792 and the price is now trading well above the 100 hourly simple moving average. Bitcoin is currently consolidating gains above $7,700. It tested the 23.6% Fib retracement level of the recent rise from the $7,484 low to $7,792 high.